Ultimate Guide to Udyam Registration
Registering your business as an MSME (Micro, Small, and Medium Enterprises) under the Udyam Registration scheme can unlock numerous benefits, including easier access to loans, subsidies, and various government schemes. Here’s a comprehensive guide to help you through the Udyam Registration process.
Step 1: Understand the Eligibility Criteria
Before you begin, ensure your business qualifies as an MSME:
Micro Enterprise: Investment in plant and machinery or equipment does not exceed ₹1 crore and turnover does not exceed ₹5 crore.
Small Enterprise: Investment in plant and machinery or equipment does not exceed ₹10 crore and turnover does not exceed ₹50 crore.
Medium Enterprise: Investment in plant and machinery or equipment does not exceed ₹50 crore and turnover does not exceed ₹250 crore.
Step 2: Gather Required Information
You will need the following details to complete the registration:
Aadhaar Number: The Aadhaar number of the business owner or authorized signatory.
PAN and GSTIN: PAN and GSTIN are mandatory for Udyam Registration.
Business Details: Information about the business, including the name, type of organization, and address.
Bank Details: Bank account number and IFSC code.
Step 3: Visit the Udyam Registration Portal
Go to the official Udyam Registration Portal.
Step 4: Fill Out the Registration Form
New Entrepreneurs: Click on ‘For New Entrepreneurs who are not Registered yet as MSME or those with EM-II’.
Aadhaar Verification: Enter your Aadhaar number and name as per Aadhaar, then click on ‘Validate and Generate OTP’. Enter the OTP received on your registered mobile number.
PAN Verification: Enter your PAN details and validate them.
Business Details: Fill in the details about your business, including the type of organization, address, and bank details.
Investment and Turnover Details: Provide information about the investment in plant and machinery or equipment and the annual turnover.
Step 5: Submit the Application
After filling out all the required details, review your application and submit it. Upon successful submission, you will receive a unique Udyam Registration Number.
Step 6: Obtain the Udyam Registration Certificate
Once your application is processed, you will receive an Udyam Registration Certificate. This certificate will have a dynamic QR code that provides access to your business details on the Udyam portal.
Benefits of Udyam Registration
Access to Loans and Credit: Easier access to bank loans and credit facilities.
Subsidies and Incentives: Eligibility for various government subsidies and incentives.
Protection Against Delayed Payments: Legal protection against delayed payments from buyers.
Market Support: Access to government tenders and market support.
By following these steps, you can successfully register your business under the Udyam Registration scheme and take advantage of the numerous benefits available to MSMEs. If you have any questions or need further assistance, feel free to reach out to us at Kanoonwise.com.